On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). Our view of Securian Financial Group's financial strength is unchanged under the revised criteria. We are affirming our 'A-' issuer credit rating on Securian Financial Group Inc. and our 'AA-' financial strength ratings on its core subsidiaries. The stable outlook indicates our expectation that the group will maintain its strong competitive position and excellent capital and earnings. On March 28 2024, S&P Global Ratings affirmed its 'A-' long-term issuer credit rating on Securian Financial Group Inc., the intermediate holding company, and its 'AA-' long-term issuer credit and financial strength ratings on Minnesota Life Insurance Co. and Securian Life Insurance
